Question 20 4 points Save Answer Given the most recent financial statements for Microsoft (FY2019). Sales for FY2020 are expected to grow by 4 percent. The following assumption must hold in the pro forma financial statements. The tax rate (percentage) and the dividend payout ratio (percentage) will remain constant. COGS, SGA, Depreciation, Interest Expense, Cash, Account Receivable, Inventory, Other Current Assets, and Net Fixed Asset increase spontaneously with sales. If the firm is operating at full capacity and no new debt or equity are issued, calculate the pro forma value for dividends paid (FY2020). Balance Sheet FY2019 Simplified Statements for MSFT Income Statement Cash Sales Acct. Receivable FY2019 115,450 42,500 38,000 147,145 29,129 2,928 7,409 COGS SGA Depreciation Inventory Other Current Assets 15,000 103,910 Net Fixed Assets Total Assets EBIT 19,950 290,521 Interest Expense 3,550 EBT 16,400 Acct. Payable Taxes 3444 9,479 184,246 78,345 Net Income Long Term Debt Common Stock Retained Earnings 12,956 Dividends 6,000 18,451 Addition to Retained Earnings 6,956 Total Liab. And Equity 290,521